Sky has retained the bulk of the Premier League live TV rights but ESPN has lost its live coverage to BT in a deal worth over £3bn.
The three-year deal comes into effect from the start of the 2013 season and will see Sky pay £760m-a-year to show 116 Premier League matches a season.
The huge deal represents a massive windfall for the league and a huge increase on the previous £1.78bn package.
Under that arrangement ESPN held rights to 23 games a season but it has lost out to BT which will be able to screen 38 games live.
Sky said it would continue to show its 'Super Sunday' and 'Monday Night Football' matches, meaning BT is likely to screen games during Saturday lunch-times and through the week.
Jeremy Darroch, Sky's chief executive, said: "This is a good result for our customers and for our business. It means that Sky Sports remains the home of Premier League football and that viewers will continue to enjoy our live and exclusive coverage until at least 2016.
“In what was a very competitive tender process, we are pleased to have secured the combination of rights that we wanted, providing certainty for us and our customers. Whilst the cost is higher, we have capacity for this increase through the combination of excellent work on cost efficiency across the business and choices over other future spending. As a result, we remain confident of delivering our financial plans, in line with our expectations, unchanged, in each year of the new deal."